Author: David Canellis, Blockworks; Compilation: Tao Zhu, Golden Finance

It is safe to say that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.

Nevertheless, those handling crypto projects related to him are doing their utmost to make Trump the first on-chain president.

I spent the morning sorting on-chain data related to Trump’s crypto projects—his NFT series (trading cards) and the upcoming DeFi platform World Liberty Financial.

This is a quick analysis, but the data shows that Trump has earned nearly $84 million in cryptocurrency income over two years.

Trump's four NFT collectibles on Polygon have generated $7.7 million in cryptocurrency (WETH and POL fka MATIC).

This income comes from primary sales and secondary sales royalties. The first set of Trump NFTs began sale nearly two years ago in December 2022.

(Note: NFT collectibles also brought additional off-chain income as the project accepts fiat payments via credit cards. Credit card data has not yet been fully on-chain, so these sales have been excluded from the totals above, though their range may be in the millions.)

NFT income and cryptocurrency taxes calculated at current prices

There is also an unofficial Trump meme coin that regularly pays transfer taxes to Trump's wallet.

To date, Trump has been gifted approximately $240,500 worth of ultra-small tokens named 'DT Inu' and 'Take America Back.'

With each transfer, including trading on DEX, the token's contract automatically forwards a small amount of USDC or ETH to Trump’s wallet.

This led to a sudden short-term surge in additional on-chain crypto income for Trump.

As for how much has been cashed out—so far, whoever is handling Trump's cryptocurrency seems to have liquidated $3 million in ETH on Coinbase.

Trump's address deposited 1,325.16 ETH into the exchange from November to December 2023, which would be worth $4.9 million if held until today.

Then there's the World Liberty token sale. As of this morning, the issuance of WLFI has brought over $75 million in revenue to the platform, with 80% ($61 million) earned after Trump's victory in November.

In the past week or so, World Liberty's wallet has also accumulated a significant amount of DeFi tokens AAVE, LINK, ENA, and ONDO, totaling $5.2 million at current prices.

The reason is that World Liberty Financial is holding them as it will integrate with these protocols, especially considering the strategic partnership recently announced by Ethena Labs in October.

All of this, combined with Trump's enthusiasm for buying hamburgers with Bitcoin before the election, makes it clear that the elected president indeed understands cryptocurrency better than any other commander-in-chief or even any American politician.

Nevertheless, this is not without intrigue: World Liberty Financial has just sold approximately $11 million worth of Coinbase-wrapped Bitcoin cbBTC while purchasing an equivalent amount of wBTC, as shown in the purple and red shaded areas of the above image.

Whatever the reason for World Liberty Financial converting wrapped Bitcoin, it will track. After all, what would the first on-chain president look like without traditional crypto drama?